Kanta deposited rupees 40000 for one year in a fixed deposit with a bank if Bank pays 8% per annum and the interest is calculated half yearly what amount she get after one year?
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Answer:
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Answer:
A= P(1+ nr ) nt
) nt
) nt Where:
) nt Where:A= the future value of the investment/loan, including interest
P= the principal investment amount (the initial deposit or loan amount)
r= the annual interest rate (decimal)
n= the number of times that interest is compounded per unit t
t= the time the money is invested or borrowed for
t= the time the money is invested or borrowed forIn our given problem,
t= the time the money is invested or borrowed forIn our given problem,P= Rs. 20000, r= 6% = 0.06, n = 2, t = 1 year
1 year∴, the amount received after the term of 1 year will be given by,
A=20000(1 + 20.06 ) 2×1
20.06 ) 2×1
20.06 ) 2×1 ⇒A=20000(1+0.03) ^2
2
2 ⇒A=20000(1.03) ^2
⇒A=Rs.21218
⇒A=Rs.21218∴, the amount Sheetal will get after 1 year is Rs.21,218
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